Open a Corporate Account with a European IBAN for Your Non-Resident Company

When a business company from outside Europe opens a European account, it obtains much wider trading opportunities. We invite you to consider setting up a corporate account with a Lithuanian payment system that guarantees individual approach to every customer, affordable service fees, and fast euro transactions to and from many countries of the world.

If you are thinking of starting an international business company, please apply for a consultation on the matter with experienced specialists. We will gladly help you choose the country of your prospective company incorporation, plan the taxes, and fine-tune your business to meet your strategic needs. 

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Check the list of required documents, and get the details of the process, terms, and costs.

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Advantages of having a business account in Europe

The Lithuanian payment system that we are promoting here is a licensed financial institution supervised by the Central Bank of Lithuania. The country is a member of the European Union. 

In accordance with the normative documents, the clients’ money is kept with the Bank of Lithuania, national banks of other EU countries, and commercial banks located there. This fact guarantees total security of financial transactions and conformity to all the international requirements. 

When a company located outside Europe opens a business account with the payment system, it acquires an IBAN account and the opportunity to make instant SEPA payments anywhere in Europe. Payments can be made only in euros at the moment but the Lithuanian Payment Service provider (PSP) plans to make US dollar payments available soon. Thus, you will be able to make payments to almost any country in the near future if you become a client of the PSP discussed here. 

The key characteristics of the payment system based in Lithuania are loyalty to the clients, multilingual client support, and affordable tariffs. 

Main benefits that non-European corporate clients find in Lithuania: 

• Individual tariffs for corporate clients;
• Account with a European IBAN;
• International payments;
• Remote account control and online account management;
• Wire transfers;
• Multilingual client support service;
• Individual approach: a personal manager is assigned to every corporate client;
• Total security of funds;
• Instant direct SEPA payments;
• External SEPA payments via reliable partner banks;
• An opportunity to open several IBAN accounts for one company;
• You need only an Internet browser to access your account online: no special applications have to be installed;
• The account can be opened remotely;
• The fees and commissions are comparatively low and transparent. 

Please find out about other opportunities to open IBAN accounts remotely:

Restrictions that apply to potential PSP clients 

To ensure that all the financial operations conducted via the Lithuanian PSP are legal, the management board of the company has put some restrictions in place. Each prospective client has to go through the due diligence procedure, which is in keeping with the KYC requirements applied by all financial institutions in Europe and elsewhere. Unlike traditional banks, the Lithuanian payment system is not so strict on prospective clients but certain restrictions are in place anyway.  

Restricted jurisdictions

The Lithuanian PSP will not accept payments from countries and territories blacklisted by FATF and OECD. These include the following jurisdictions:

• Saint Vincent and the Grenadines;
• Antigua and Barbuda;
• Iran;
• St Kitts and Nevis;
• Barbados;
• Belize;
• Congo;
• Panama;
• Bahamas;

Please note that Offshore Pro Group can help offshore companies, funds, high-risk companies, and trusts open corporate bank accounts remotely in a fast manner with small chances of service denial.

Restricted types of business activities

The European payment system values its reputation and the company administrative board does its best to keep the license and contribute to the international anti-money-laundering efforts. For this reason, the PSP avoids working with companies whose activities are extremely risky or of an unclear character. Companies working in the following industries are NOT welcome to apply for services to the Lithuanian PSP:

• Light/ recreational drugs;
• Adult entertainment;
• Charitable institutions;
• Used car dealers;
• Dummy companies;
• Companies dealing in armor and weapons;
• Casinos, betting terminal owners, and bookmakers;
• Precious metals and stones.

Please note that a risk group is assigned to every corporate client of the Lithuanian PSP and the amount of the service fees depends on what group the client belongs to. Your risk group will depend on the country of your company domiciliation, the UBOs’ residence, and the types of business activities that the company is engaged in.

Payment system’s business terms and conditions 

You have to pay a small one-time fee when opening a corporate IBAN account with the Lithuanian PSP. The fee covers the costs of the due diligence checks. Afterwards, you will have to pay a monthly account maintenance fee. The commission amounts depend on the client company’s jurisdiction and the degree of its riskiness. European-registered companies with clear and transparent business activities have to pay very little in commissions. Risky businesses from outside Europe have to pay more. 

Lithuanian PSP’s tariffs

Outgoing payments are made via SHA transactions and the minimum amount is set at 35 euros. The minimum amount of incoming international payments is 25 euros. All corporate clients are divided into risk groups and the commissions will depend on the risk group that has been assigned to the company. 

Lithuanian PSP’s risk groups:

Group А — Low-risk EU-registered companies;

Group B — Medium-risk EU-registered companies;

Group C — High-risk EU-registered companies.

Group E, Group F, and М/МP/МЕ category are assigned to companies located outside EU, UK and Switzerland with, respectively, low, medium, and high risk levels.  

PSP’s tariffs for European corporate clients

PSP’s tariffs for non-European corporate clients

If you would like to open a corporate account in a certain European bank, please get in touch with our experts and request a free consultation on the matter.

Corporate account opening procedure

We suggest that you should apply for our experts’ assistance to minimize the risk of service denial when applying for opening a corporate account with the Lithuanian payment system.

The process of setting up a corporate account with a European IBAN consists of the following steps:

1. Preliminary analysis and risk level estimation;
2. Application documents preparation;
3. Payment of due diligence fees;
4. Payment of account activation fee;
5. Acquiring access to the account. 

The documents that you have to submit to the Lithuanian PSP when setting up a corporate account there include the following ones:

• Company registration certificate (or a link to the Company Register’s website where the registration certificate can be seen);
• Company By-Laws, signed and stamped; 
• Certificate of Incumbency;
• Proof of physical address;
• Company UBOs’ personal data (all UBOs who have more than 25% of the company shares), including:
  • Name;
  • Passport copy;
  • Residential address and proof of address (a bank statement, a rent agreement, a utility bill, etc.);
  • Sources of wealth;
• Contracts and partner agreements, signed by all parties;
• The latest annual report is the company is more than one year old;
• Link to the company’s website and indications of company’s activities on the Internet, including:
  • Internet promotion campaigns;
  • Facebook page;
  • Linkedin profile and profiles in other social networks;
• Application form, correctly completed.

Please note that the corporate documents shall be less than three months old. All application documents shall be in English, translated if necessary, and the translations notarized and apostilled. To make full use of the Lithuanian PSP the company CEO should open a personal account there too.

Items of importance for opening a corporate account with the Lithuanian PSP

• Company enlistment in various databases and registers;
• Country of company incorporation;
• Countries where the company has business interests;
• Types of business activities the company is engaged in (explanations may be required);
• Commercial uses of the prospective account;
• Source(s) of the company’s funds;
• The bank that the company currently uses and its jurisdiction;
• Personal data for company CEO and shareholders;
• Company group name;
• Licenses, contracts, agreements, etc.;
• Financial reports and audit results. 

These and other items will be inspected in the framework of due diligence procedures applied by all licensed financial institutions in the region. We will be happy to help you fill out all the forms. 

How to activate you corporate account with a European IBAN

1. Please supply your company information to us so that we can assess your chances to acquire financial services from the Lithuanian PSP. Please note that at least one natural person shall be the account signer.
2. If the success appears possible, you can file your application to the PSP.
3. After paying the account-opening fee, you will have to wait for a few days before you can gain full access to your account.

The European payment service provider guarantees that the applicant company can have a corporate IBAN account activated within 5 days from application documents submission.